Creditor Co-Proponents And JPMorgan Chase Agree To Amended Joint Plan Of Liquidation Of MF Global Holdings Ltd.

NEW YORK, March 5, 2013 /PRNewswire/ -- Louis J. Freeh, the Court appointed Chapter 11 Trustee of MF Global Holdings Ltd. ("Holdings Ltd."), is pleased to announce that JPMorgan Chase Bank, N.A., as Agent for the $1.2 billion revolving credit facility ("JPM") and the Creditor Co-Proponents of the Amended Joint Plan of Liquidation (the "Plan") have reached an agreement to modify the Plan to resolve the objections of JPM. 

The settlement, reached through court ordered mediation, provides that the "Interco Settlement" in the Plan will be adjusted to include the subordination of $275 million of the $1.887 billion intercompany claim of Holdings Ltd. against MF Global Finance USA Inc., to the lenders' claims under the approximately $1.2 billion revolving credit facility and a distribution of all recoveries under the plan on such subordinated claim to the lenders under the facility.  The settlement will result in a slightly modified distribution range for unsecured creditors, which will be filed shortly with the Bankruptcy Court. Creditors have until March 25, 2013 to vote on the Plan. 

"The settlement is in the best interest of creditors as it removes a major hurdle to confirmation of the Plan.  I applaud the efforts of the parties involved in resolving this dispute through mediation rather than litigation," noted Freeh. 

The confirmation hearing is currently scheduled for April 5, 2013.

MEDIA CONTACTS Jeffrey Goldberger/ Lewis GoldbergKCSA Strategic Communications212-896-1249 / 212-896-1216

SOURCE MF Global Holdings Ltd.

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